Money

Rising mainland stocks give lift to Shanghai index on Monday

By Zhang Shidong (China Daily)
Updated: 2011-02-15 10:56

SHANGHAI - Stocks on the Chinese mainland rose, driving the benchmark index up the most in two months.

Jiangxi Copper Co advanced among metals producers after overseas shipments rose 38 percent from a year earlier. CITIC Securities Co climbed by the 10 percent daily limit on Monday. Anhui Expressway Co and Air China Ltd led gains by toll road operators and airlines.

The Shanghai Composite Index gained 2.54 percent to 2899.13 at the 3 pm close on Monday, the steepest increase since Dec 13. The CSI 300 Index rose 3.15 percent to 3219.14.

The Shanghai gauge has advanced 3.2 percent this year on signs the economy is withstanding curbs on lending and property purchases. The index plunged 14 percent in 2010.

Related readings:  Equities rise for third straight week in China  China's stocks close higher Friday  China's stocks close 1.6% higher Thursday  China's stocks fall Wed after rate hike

A measure of material producers on the CSI 300 advanced 3.9 percent on Monday. Jiangxi Copper added 5.72 percent to 41.01 yuan ($6.22).

CITIC Securities surged the maximum 10 percent to 13.83 yuan on Monday. Other brokerages also rose, helping drive an index tracking financial stocks on the CSI 300 up 4.1 percent. Haitong Securities Co climbed 9.39 percent to 10.37 yuan. China Merchants Securities Co jumped 10 percent to 20.15 yuan.

Anhui Conch Cement Co led gains for cement makers after the Shanghai Securities News said domestic demand for the building material may increase this year. Anhui Conch jumped 8.24 percent to 33.77 yuan. Huaxin Cement Co surged the 10 percent daily limit to 36.33 yuan. Demand for cement may be close to 2.1 billion tons this year, up from 1.87 billion tons of output in 2010, the newspaper reported, citing Kong Xiangzhong, head of China Cement Association.

Anhui Expressway surged 10 percent to 6.27 yuan on Monday. Shenzhen Expressway Co jumped the maximum 10 percent to 5.46 yuan. Air China climbed 3.92 percent to 12.20 yuan. China Southern Airlines Co advanced 3.93 percent to 8.99 yuan.

Agricultural Bank of China Ltd added 2.68 percent to 2.68 yuan on Monday.

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